5330 & 5370 Durango
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Court Appointed Receiver Sale – Two Office Buildings 5330 & 5370 S. Durango Dr. Southwest Submarket 6980 S Cimarron, Ste 200, Las Vegas, NV 89113 Christina Roush 702-210-6300 Presented by: HB PROPERTIES & IREPLV, LLC [email protected] Mike Young 702-604-6209 Christina Roush | 702-210-6300 | [email protected] [email protected] Mike Young | 702-604-6029 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket OFFERING SUMMARY Rare opportunity to acquire 5330 and 5370 S. Durango Drive, a Court Appointed Receiver Sale of two office buildings in the rapidly growing Southwest submarket of Las Vegas, Nevada. Two single story buildings, 5330 & 5370 S. Durango Drive, consist of a combined approximately 52,830 gross square feet on ±3.86 acres of land. The buildings are strategically located on North Durango Drive between the intersections of Russell Road and Hacienda Avenue, approximately 1.5 miles from the Clark County-215 Beltway. These buildings were previously completed and occupied, one as an administrative building and the other as a call center. 100% Built out with high quality finishes, the buildings are ready for occupancy with minor repairs. As part of the Southwest Las Vegas submarket, the properties enjoy close proximity to four acute care hospitals, numerous auto dealerships, retail “power centers”, educational facilities, parks, and are situated about one mile from the new IKEA showroom, now under construction. Property Address: 5330 & 5370 S. Durango Dr., Las Vegas, NV 89113 Description: Multi/Single-Tenant Office Buildings Purchase Price: $9,210,000 Price/SF: $174.33 / sf Terms: Cash or cash to new loan Gross SF (5330): ±20,033 sf Gross SF (5370): ±31,647 sf Occupancy: Unoccupied CC-215 Parcel Size: ±3.86 acres Parking: ±175 Spaces (20 Covered) Prestige Parking Ratio: ±3.75:1,000 (4.6:1,000 w cross easement parking) Apartments APN: 168-28-301-001 SUBJECT Property Taxes: $157,582.72 Zoning: C-P Year Built: 2002 Construction: Concrete & Steel with stone veneer Flood Control Roof: Flat, built up with steel deck KB Homes Basin Windows: Plate Glass, dual glazed and tinted Elevator: N/A Fire Suppression: Fully Sprinklered Insulation: Insulated exterior walls and composite roof Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket *All photos taken at time of occupancy INVESTMENT HIGHLIGHTS Significant Upside Value-Add Opportunity One of the last large distressed asset deals in the Las Vegas area! 100% Built-out with high Court Ordered Receiver Sale, with certainty of trade to the Best Offer buyer. quality finishes and 205 work stations. Two executive conference rooms, one large employee Property to be sold “AS IS WHERE IS.” break room with kitchen, raised floor data room and movie theatre. Three training rooms to accommodate 12 in each room, plus perimeter private offices. Property Condition Single story buildings were previously occupied and have been vacant for several years. Excellent Access Minor improvements required to get to occupancy ready. Minor theft and vandalism. Close proximity to Clark County-215 Beltway and Russell Road exit. Located just north of Russell Road on South Durango Drive at the lighted intersection of Hacienda Avenue. Quality Construction Concrete and Structural Steel buildings with plate glass windows and stone veneer. Ultra Ideal 1031 Exchange high-end finishes including marble, imported wall coverings, and upgraded fixtures. Debt-free property affords a variety of replacement property financing structures. Location Demographics Within 7 miles of Las Vegas’ primary employment base – the Las Vegas Strip, as well as several The 2014 population base within a 5-mile radius of the property exceeds 252,000 with other significant suburban gaming operators. One mile north of the new IKEA, within a income levels in excess of $63,424 annually. couple miles of four acute care hospitals, and surrounded by numerous new residential developments. Convenient access from all areas of the Las Vegas valley given its close proximity to the Clark County-215 Beltway at the Russell Road exit. Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket PHOTOS *All photo taken at time of occupancy Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket AERIAL MAP SUBJECT Hacienda Ave New Apartments Flood Control KB Homes Basin CC-215 Russell Rd Woodside Homes S Fort Apache Rd New Apartments S Durango Dr Mountain’s Edge Hospital Lennar D.R. Homes Horton Harry Reid Technology Park Southern Hills Hospital Ryland Homes New Apartments Time Shares IKEA Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket LOCATION MAP SUBJECT Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket SITE PLAN Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket FLOOR PLAN: 5330 Durango Drive • ±20,033 gross sq. ft. • 8 - Private Offices • 32 - Horwath Workstations** • Conference Room • 2 – Kitchens • Private Theater - 30 Seats • ±5,000 sq. ft. open storage (finished with HVAC) ** FF&E Available for purchase by separate contract. Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket FLOOR PLAN: 5370 Durango Drive • ±31,647 gross sq. ft. • 200 Horwath Workstations** • 3 – 12 Person Training Rooms • Full Cafeteria • Conference Room • Telephone and Data Room • Sophisticated raised floor system (data lines) ** FF&E Available for purchase by separate contract. Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket PARCEL MAP 163-28-301-001 Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket SALES COMPARABLES 1 2 3 4 5 6 No. Name/Address Sale Date; Status Yr. Built; # Stories; %Occ. Acres; FAR Sale Price Rentable SF $/Rentable SF Cap Rate 1 Park at Spanish Ridge Dec-14 2007 Condo $1,701,750 11,345 $150.00 N/A 8906 Spanish Ridge Ave Closed 2 2.37 Vacant Las Vegas, 89148 0% 2 1580 S Jones Blvd Sep-14 2001 1.60 Acres $3,000,000 14,345 $209.13 7.5% Las Vegas, NV 89146 Closed 1 4.86 100% Occ 0% 3 LaPour Corp. Ctr. Aug-14 2008 3.81 Acres $17,350,000 70,188 $247.19 8.0% 9075 W Diablo Closed 3 2.36 Las Vegas, NV 89148 100% 4 2580 Anthem Village Dr Jul-14 2000 1.33 Acres $3,400,000 12,079 $281.48 8.0% Henderson, NV 89052 Closed 1 4.80 100% 5 2575 Montessouri Jun-14 2003 0.23 Acres $2,400,000 10,724 $233.80 N/A Las Vegas, NV 89117 2 .93 100% 6 3755 Breakthrough Way Nov-13 2009 3.24 Acres $20,300,000 97,902 $207.35 6.59% Las Vegas, NV 89135 3 1.44 67% Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket SALES COMPARABLES MAP 2 5 6 SUBJECT 1 3 4 Christina Roush | 702-210-6300 | [email protected] Mike Young | 702-604-6209 | [email protected] Court Appointed Receiver Sale 5330 & 5370 S. Durango Dr. Investor Opportunity Southwest Submarket LAS VEGAS OVERVIEW RESORTS WORLD Genting Group (Malaysia) recently broke ground on the former Boyd Gaming “Echelon” property on The Strip (Stardust Hotel/Casino). Genting plans to build a $7 Billion multi-property resort style hotel/casino on 87 acres. Construction is expected imminently. Purchased for $350 million, Genting will build in Phase 1, a 3,500 room Asian-themed property called “Resorts World Las Vegas”. With 175,000sf of casino space, 250,000sf of retail shops and more than 500,000sf of meeting rooms this resort also includes numerous restaurants, a theatre and resort style pools. en.wikipedia.org/wiki/Resorts_World_Las_Vegas THE CROMWELL Recently opened on the former site of the Barbary Coast, Caesars Entertainment has created Las Vegas’ first luxury boutique hotel called “The Cromwell”. After a $200 million renovation the only remaining aspect of the property is the uber-popular “Drai’s” 13,000sf (now renovated) basement nightclub. Drai’s also boasts a new rooftop “dayclub” pool experience. Focusing on personalized service, hospitality, and unique amenities, The Cromwell brings Bellagio & Wynn style luxury to Las Vegas at the “boutique” size level. www.thecromwell.com NEW MGM 20,000 SEAT INDOOR ARENA Located behind the Monte Carlo resort, MGM broke ground May 1, 2014 on the first major new arena in Las Vegas in 30 years. At a cost of $375 million, this exciting new addition to The Strip will likely attract every big name concert to Las Vegas as well as other entertainment events to the AEG and MGM Gaming created venue. It’s expected to attract a steady stream of UFC mixed martial arts, boxing, concerts, award shows, college basketball, hockey tournaments and other sports.